Labour market strength was readily apparent across the major North American economies Canada’s labour market performance in September is strong enough to keep the central bank on its hawkish rate-hike path, according to economist Sherry Cooper. The market saw the addition of approximately 21,000 jobs last month, with increases in both full-time and part-time work. Wage rates also increased by […]
Tight Labour Market Fuels Higher Wages Today’s Labour Force Survey showed that employment grew in September for the first time in four months. Job gains remained moderate despite the high number of vacancies, indicating how tight the job market remains. Wage rates rose 5.2% year-over-year (y/y), the fourth consecutive month for which wage gains exceeded 5%. The jobless rate ticked […]
Forty-Three Years Ago, I Was Fed Chair Paul Volcker’s Special Assistant Inflation appears to be book-ending my career. I started my work as an economist in the Research Division of the Federal Reserve Board in Washington, D.C., in the late 1970s. Inflation had been trending higher for years. Neither Arthur Burns nor G. William Miller, the Fed chairmen preceding Volcker, […]
Inflation Cooled Again in August, But Higher Rates Still Coming Canada’s headline inflation rate cooled again in August, even a bit more than expected. The consumer price index rose 7.0% from a year ago, down from 7.6% in July and a forty-year high of 8.1% in June, mainly on the back of lower gasoline prices. The CPI fell 0.3% in August, the most […]